Silicon Valley Bank and Signature Bank have collapsed
U.S. President Joe Biden is trying to reassure Americans that the country's financial systems are sound, following the collapse of two banks.
On Friday, regulators closed the Silicon Valley Bank after billions of dollars were withdrawn by customers.
New-York based Signature Bank also failed.
During a television address this morning, Biden says people's deposits will be there when they need them, and those responsible for the bank's failures will be punished.
North of the border, Canada's banking regulator says it has temporarily seized the assets of the Canadian branch of Silicon Valley bank.
It says Silicon's business in Canada is primarily lending to corporate clients, and the branch doesn't hold any commercial or individual deposits in Canada.
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